Home Buying Process for the First Time Homeowner

Each first-time homebuyer wants something different. Some care about the quality of schools, while others value nearby shopping and restaurants. The list is endless. Of course, home ownership also has benefits everyone agrees on. For instance, it can offer significant tax benefits* and the possibility of building equity.

Now that you’re ready to buy, it’s time to find your dream home. This is the fun part! The one challenge is to keep track of all the features of all the homes you see in your search. Our advice is simple: Take notes and take pictures.

If you’re buying your first home, remember that the mortgage you choose is just as important as the home you choose. Because of this, it’s important that you work with the right mortgage lender when scoping out first time home buyer loans. We believe that’s us.

Consider Fifth Third as your mortgage resource. We have a wide selection of financing options as you prepare to purchase your first home. And more importantly, we have mortgage loan specialists experienced in helping first time homebuyers who are happy to assist you every step of the way. Learn more about our types of mortgages.

Now that you have found the home you want, it’s time to make an offer. Your real estate professional can assist you with a letter of intent for the seller. The seller then has a specific time frame to consider the offer and accept it or submit a counteroffer to you. Once you and the seller reach an agreement and the letter of intent is signed, you are ready to finalize your financing.

The hard part is over, and it’s almost time to open the door to your new home. But there are still some important items to take care of.

In the closing, the loan documents are signed, the balance of the loan costs are calculated, funds are disbursed and the transaction is complete. Then you will receive the keys to your new home.

Steps Following Closing On A Home